MCLEAN, Va., Jan. 3, 2014 /PRNewswire/ — Gladstone Land Corporation (NASDAQ: LAND) (“Gladstone Land” or the “Company”) announced today that it has acquired a 1,760-acre farm in Willcox, Cochise County, Arizona for $6.7 million on December 27, 2013. The property is irrigated farm land with 13 existing water wells. In connection with the acquisition, the Company executed a ten-year lease with Premier Grain Farms. Premier Grain Farms is a family-owned and -operated farming company growing crops on over 14,000 acres across three states. The primary crops grown on the property are dry edible beans and corn. The area is a well-diversified agricultural region with dairies, orchards and a large greenhouse tomato operation.
“We are very excited to be diversifying our land holdings with this purchase of a prime agricultural property in Willcox, Arizona,” said Bill Reiman, Managing Director, Real Estate. “The Sulphur Springs Valley in southeastern Arizona, with its unique climate, has been a very productive farming area for several generations. High quality soil and ample groundwater provide growers in this region with many cropping options. The well-established agricultural history of this area, coupled with the strategic alliance with Premier Grain Farms as our tenant, will provide us a solid footprint in this area should we choose to add farms here in the future.”